Florida Consumer Sentiment Drops Half Point in Oct.
GAINESVILLE, Fla. – Consumer sentiment among Floridians decreased five-tenths of a point to 96.1 in October from a revised figure of 96.6 in September. Of the five components that make up the index, four decreased and one increased.
Floridians’ feelings toward current economic conditions were mixed. Opinions of personal financial situations now compared with a year ago increased 7.3 points from 85.4 to 92.7 – the greatest increase for any reading this month. Notably, this perception is shared by all Floridians across sociodemographic groups but is particularly stronger among women and those age 60 and older.
Opinions as to whether now is a good time to buy a major household item such as an appliance showed a decline from 103.4 to 102.3, a change of 1.1 points. Two groups, however, report a small favorable change: men and those with annual income under $50,000.
“Even though these two components moved in opposite directions, together they showed that opinions regarding current economic conditions improved among Floridians in October,” says Hector H. Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research. “This improvement is consistent with Florida’s economic outlook.”
The three components representing future economic conditions showed a more pessimistic outlook in October, however. Expectations of personal financial situations a year from now dropped slightly, seven-tenths of a point, from 104.9 to 104.2. The outlook of U.S. economic conditions over the next year decreased 5.9 points from 96.3 to 90.4. Finally, expectations of U.S. economic conditions over the next five years declined 1.8 points from 92.8 to 91.
“Opinions are divided across sociodemographic groups regarding Floridians’ expected financial situation, as well as views about the U.S economic situation in the long-run,” says Sandoval. “The pessimistic views about the short-term outlook on the U.S. economy, however, are shared by all Floridians and are particularly stronger among women, those age 60 and older, and those with income levels above $50,000.”
Florida’s economic conditions remain favorable with more jobs added this month and further declines in the unemployment rate.
“Despite the slightly decreased and pessimistic outlook about future economic conditions, consumer sentiment continues to be high in Florida, and unemployment levels are currently at their lowest since July 2006,” says Sandoval. “These indicators are positive signs for retailers, who can expect more spending during the holiday shopping season.”
© 2019 Florida Realtors®
Information provided by Florida Realtors. Click here to see the original article.
Reprinted with permission Florida Realtors. All rights reserved.